Pandora: Q1 results way above expectations
NEUTRAL, Fair Value DKK83 (-55%)
Pandora published Q1 13 results that were much better than expected (EBITDA DKK 643m vs. consensus DKK 464m) thanks to strong sales and opex control. Valentine’s day collections (in Q1 this year vs. Q4 historically) and the early Easter were in part responsible for the better numbers. However, FY13 guidance was simply confirmed. A conference call is scheduled at 10am CET.
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